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Flint Telecom Group (FLTT.OB) Introduces New Mobile Money Transfer Service

Flint Telecom Group, a fast growing telecom technology organization with a portfolio of companies offering next-generation IP communications, announced today creation of a new mobile payment system allowing users to transfer money and pay bills from their cell phone. The service will be available first in the U.S., and then rolled out to other countries, with first generated revenues from processing fees expected as early as the first quarter of next year.

Flint Telecom Chairman and CEO, Vincent Browne, commented on the new system. “Mobile banking on cell phones will extend financial transaction services to millions of people on a global basis in the coming years. This service is made possible by our recent acquisitions that provide a fully integrated mobile payment processing infrastructure, resulting from many years of development and operation. We believe that we can attract in excess of 250,000 new clients within the first twelve months, generating over $2 million in daily transactions from which Flint will receive a processing fee. This will have a direct, positive effect on Flint Telecom Group revenues and margins as it is rolled out through our strategic partners in the U.S. and internationally.”

Flint President and COO, Bernie Fried, added, “This innovative platform gives superior levels of customer service and convenience for mobile financial services, coupled with the security, scalability and robustness necessary to perform such transactions. Our platforms are certified at the highest level of security and industry conformance. In addition, not only will this innovative new approach to transferring funds bring a new level of convenience for registered users, the fees charged will be less than those charged by leading money transfer companies today.”

The mobile payment remittances market could reach 1.5 billion users, totaling $1 trillion, by 2012, according to the GSM Association, the Mobile Standards Organization.

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